AAPL’s consolidation pattern
Apple has formed a trading range between 646 above and supported by 625 trend line below. The stock has been consolidating in this area since its 10 % correction earlier this month. With its earnings due on October 25, 2012 the stock may show some resurgence and run up. Unless AAPL breaks the upper trend line and fill the minor gap to the left and goes to 652 not much can be expected. Bulls will try to break this barrier and it remains to be seen if the shorts take over and get an upper hand. Take a look at this Intra-day chart on AAPL. Trading in range only results in break out to one side at some point. Please click to enlarge the chart.